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The Congress on Saturday asked whether the Securities and Exchange Board of India will act on its allegations of insider trading against Pranav Adani, the director of several Adani Group companies.
A day earlier, a report in Reuters said that the markets regulator had accused Adani of sharing information about Adani Green’s acquisition of SB Energy India with his brother-in-law Kunal Shah in 2021 before the deal was made public. This allegedly violated regulations that seek to prevent insider trading.
Commenting on the report, Congress General Secretary Jairam Ramesh asked: “Will SEBI once again let the Prime Minister’s favourite business group off with a slap on the wrist? Or will it prosecute the case to the full extent of the law?”
Ramesh said that citizens were still waiting for SEBI to complete the investigation into allegations that the Adani Group violated 24 counts of securities law. He noted that it had been 26 months since the Supreme Court told the agency to complete its investigation following the revelations by United States-based short seller Hindenburg Research.
“Meanwhile SEBI’s US counterpart – the Securities and Exchange Commission [SEC] – has been much more proactive since it received evidence that, between 2020 and 2024, [Adani Group chairperson] Gautam Adani and seven associates offered Rs 2,000 crore in bribes to Indian officials to secure solar power contracts that would have yielded over Rs 16,000 crore in profits,” the Congress MP said.
Ramesh said that the Narendra Modi government “predictably” chose not to assist the Securities and Exchange Commission in serving a summons to Gautam Adani.
The Modani Matter simply refuses to go away.
Recently Gautam Adani’s nephew – who is a director in several Adani Group companies – has been accused of insider trading by sharing unpublished, price-sensitive information with his brother-in-law which resulted in “ill-gotten… pic.twitter.com/zMi7i6P9Va
— Jairam Ramesh (@Jairam_Ramesh) May 3, 2025
Pranav Adani, Gautam Adani’s nephew, was sent a notice by the market regulator about the allegations of insider trading in 2024. SEBI alleged that Kunal Shah and his brother Nrupal Shah had traded shares of Adani Green and made “ill-gotten gains” of Rs 91.1 lakh.
Adani Green announced the acquisition of SB Energy India in May 2021 for $3.5 billion, making it the largest acquisition in the renewable energy sector in the country.
In response to the Reuters report, Pranav Adani said that he has sought to settle the charges “to put an end to the matter, without admission or denial of the allegations”. He claimed that “he has not violated any securities law”.
This article first appeared on Scroll.in
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